If you have a son or daughter battling a serious drug or behavioral addiction you can place their inheritance in an ‘Asset Protection Trust,’ also known as a ‘Spendthrift Trust.’ The child’s inheritance is managed by a Trustee and used for the benefit of the troubled child. The Trustee can be a family member, trusted friend, or professional fiduciary. The Asset Protection Trust may provide the appropriate level of support. Also, incentives to stay clean can be written into the trust. For example, assets can be disbursed when milestones in sobriety are achieved. Furthermore, the funds will be safe-kept and available for professional treatment.
The Living Trust Source, powered by 1Source Law LLC, recommends that parents with heirs struggling with addiction consider an Asset Protection Trust specifically designed for their needs.
Lead Attorney & Owner